HCM City hosts Palm Oil Trade Fair and Seminar

(VOV) -More than 200 delegates attended the 2013 Malaysia-Vietnam Palm Oil Trade Fair and Seminar (POTS) dubbed ‘Sharing Solutions, Shaping the Visions’ in Ho Chi Minh City on July 1.

Leading experts and officials from Malaysia, the UK and Germany introduced different kinds of oil and fat products, market trends and prices.

Malaysian Minister of Plantation Industries and Commodities, Dato’ Sri Douglas Uggah Embas, stressed that the investment and trade ties between Vietnam and Malaysia have been strengthened since Vietnam became a member of the World Trade Organisation (WTO) in January, 2007.

In recent years, Malaysia has been one of Vietnam’s ten biggest trade partners with two-way turnover jumping from US$4.7 billion in 2007 to over US$7.5 billion in the first ten months of last year.

In 2012, Vietnam imported 469,000 tonnes of palm oil from Malaysia, up 11.7 percent compared to the previous year.

In the first four months of this year it bought nearly 147,000 tonnes of palm oil from Malaysia, up 64 percent from a year earlier to meet 54 percent of its domestic demand for oil and fat products.